- Safemoon seems ready for an 80% price crash as the asset almost forms a lower low.
- SAFEMOON has maintained a downward trend, moving to the lower border of its technical formation.
- The altcoin might drop further with its less possibility of upside moves.
SAFEMOON might suffer southward actions at the asset maintains a plunging trend, noting a higher probability of a massive move, favoring bearishness. The primary technical formation has locked SafeMoon inside a descending range. For now, SAFEMOON continues to battle with any recovery hints.
SAFEMOON Primed to Plunge
While writing these lines, SafeMoon has its price constricted within a descending channel on its daily price chart. Such actions come as investors seem increasingly uninterested in SafeMoon. The alternative coins have seen their trading volume declining considerably since their price started plunging in late May.
For now, SAFEMOON might encounter increased declines as the crypto has little potential upsurges. Meanwhile, the token nears the swing low seen on 10 September around $0.00000103. If the coming sessions force the crypto to plunge under this level, the coin might face massive plummets in the following sessions.
If the asset break under the swing low mentioned above, the crypto might endure losses to tag the parallel channel’s bottom border at $0.00000024, translating to an 80% plummet. With the considerable low trading volume by SafeMoon, the bearish aim might take time to materialize.
SAFEMOON might secure the closest support around the 16 August lows near $0.00000115, then $0.00000103. Meanwhile, plunging under this price level might translate to another SafeMoon low, supporting the high bearish outlook for the token.
The alternative coin has additional resistance levels at $0.00000067 (15 April low) and $0.00000049 (5 April low). Magnified sell orders might for the crypto towards its targeted bearish point in the primary chart pattern near $0.00000024, concluding an 80% crash.
If bulls step up to rescue SAFEMOON, they will have to deal with the resistance level at 20-day SMA around $0.00000165, the $0.00000179, the chart pattern’s middle border. The asset will encounter additional obstacles at the 50-d SMA, sitting at the 78.6% FIB retracement at $0.00000213.
Though the coin shows no uptick signs at the moment, buying pressure resurgence might see SAFEMOON tagging the 100-day Simple Moving Average at $0.00000251 before other challenges emerge.